Simplex Infrastructures financials and balance sheet

NSE: SIMPLEXINFBSE: 523838ConstructionSmall Cap

Formerly Simplex Concrete Piles (I)

₹249.36₹12.73 (4.86%)BSE ₹249.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹262.09.

52-week range of traded prices to 23 Oct 2026

₹137.00Low, 30 Mar 2026₹318.00High, 18 Nov 2025

Market cap: ₹1,972 Cr1,224th largest listed
P/E: 43.1
P/B: 2.0
Dividend yield: Nonein the last 12 months
ROE: 6.1%
ROCE: 1.5%
Debt to equity: 1.68
Volume, NSE: 1,92,00955.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Simplex Infrastructures annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹6,117 Cr, year to Mar 2019A loss in 5 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,021
Materials and goods−109
Employee costs−108
Other expenses−749
Operating profit55
Depreciation−29
Other income+35
One-off items+0.8
Finance costs−13
Profit before tax49
Tax−11
Joint ventures+2.8
Net profit40

What the company owns

Plant, investments and other assets₹3,071 Cr
Receivables₹523 Cr
Cash and bank₹181 Cr
Inventory₹106 Cr
Current investments₹0 Cr

What pays for it: net worth and liabilities

Borrowings₹1,642 Cr
Net worth₹978 Cr
Other liabilities₹689 Cr
Owed to suppliers₹573 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Simplex Infrastructures quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 8 Aug	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 3 Jun	Mar 2024Filed 3 Aug	Mar 2025Filed 2 Jul	Mar 2026Filed 28 May
Revenue from operations	5,612	5,767	6,117	4,026	2,200	2,047	1,874	1,388	1,076	1,021
	4,903	5,098	5,408	3,921	2,185	2,006	1,854	1,360	1,053	966
Materials and goods bought	1,650	1,891	2,112	1,285	813	485	432	204	119	109
Employee costs	–	530	493	383	210	182	145	110	97	108
Other expenses	–	2,676	2,802	2,252	1,161	1,339	1,277	1,047	837	749
Operating profit before depreciation	709	669	709	105	16	41	19	28	23	55
Operating margin	12.6%	11.6%	11.6%	2.6%	0.7%	2.0%	1.0%	2.0%	2.1%	5.4%
Materials, % of revenue	–	32.8%	34.5%	31.9%	37.0%	23.7%	23.1%	14.7%	11.0%	10.7%
Employee costs, % of revenue	–	9.2%	8.1%	9.5%	9.6%	8.9%	7.7%	7.9%	9.0%	10.6%
Other expenses, % of revenue	–	46.4%	45.8%	55.9%	52.8%	65.4%	68.2%	75.4%	77.8%	73.3%
Depreciation and amortisation	199	184	168	138	125	105	86	70	55	29
Operating profit after depreciation	510	485	541	−33	−109	−64	−66	−41	−32	26
Other income	89	136	112	67	59	46	88	18	53	35
Finance costs	445	471	471	517	644	755	839	80	15	13
Profit before one-off items and tax	154	150	182	−483	−694	−773	−817	−103	6	48
One-off items	0	0	0	0	0	0	0	0	14	1
Profit before tax	154	150	182	−483	−694	−773	−817	−103	20	49
	19	34	61	−162	−233	−274	−354	−31	10	11
Current tax	14	20	11	4	3	2	−52	1	4	9
Deferred tax	5	14	50	−166	−236	−276	−301	−32	6	3
Share of profit of joint ventures and associates	−1	−3	1	0	−8	−29	−7	0	2	3
	134	113	122	−321	−469	−527	−471	−72	12	40
Belonging to the company's shareholders	134	113	122	−321	−469	−528	−471	−72	12	40
Belonging to outside owners of subsidiaries	–	–	0	0	0	1	0	0	0	0
Other comprehensive income	–	–	37	45	−26	11	22	4	−4	21
Total comprehensive income	–	–	159	−276	−495	−516	−449	−69	9	62
Net margin	2.4%	2.0%	2.0%	−8.0%	−21.3%	−25.8%	−25.1%	−5.2%	1.1%	4.0%
Net margin without joint ventures and associates	2.4%	2.0%	2.0%	−8.0%	−20.9%	−24.3%	−24.7%	−5.2%	1.0%	3.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 Jun	Mar 2020Filed 8 Aug	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 3 Jun	Mar 2024Filed 3 Aug	Mar 2025Filed 2 Jul	Mar 2026Filed 28 May
	2,042	1,762	1,267	751	302	233	526	978
	2,046	1,767	1,267	749	301	232	524	975
Share capital	11	11	11	11	11	11	13	16
Reserves	2,034	1,755	1,255	738	289	220	510	960
Belonging to outside owners of subsidiaries	−4	−5	1	2	1	1	2	3
	3,352	3,567	4,088	5,354	5,984	7,180	2,174	1,642
Repayable after a year	371	232	59	0	0	0	1,613	1,499
Repayable within a year	2,981	3,335	4,029	5,354	5,984	7,180	561	142
	7,107	7,283	7,947	9,054	9,989	10,068	2,068	1,268
Trade payables	2,176	1,754	1,598	1,601	1,585	1,458	772	573
Other financial liabilities	473	710	1,205	1,108	1,586	699	262	128
Other liabilities	1,471	1,478	1,111	985	821	716	457	412
Provisions	4	3	1	3	9	10	11	10
Tax owed	3	3	3	3	4	5	4	3
	444	256	102	63	82	112	1,745	1,635
Other financial liabilities	7	18	38	55	74	106	125	127
Provisions	8	6	5	8	8	6	7	9
Deferred tax	58	0	0	0	0	0	0	0
Total assets	9,594	9,302	9,316	9,868	10,373	10,414	4,339	3,881
	1,208	1,146	1,288	1,435	1,547	1,570	956	983
Plant in use, after depreciation	1,021	891	745	627	531	462	239	252
Plant being built	8	9	3	2	2	3	0	0
Intangible assets	1	0	0	0	0	0	0	0
Intangible assets being developed	3	0	0	0	0	0	0	0
Property held to earn rent	0	0	0	0	0	0	0	0
Investments	15	0	0	0	0	0	0	0
Stakes in joint ventures and associates	90	90	82	53	7	7	9	12
Loans given	0	0	64	64	0	0	0	0
Other financial assets	43	22	33	51	68	128	142	148
Deferred tax	0	108	343	620	921	953	563	559
Other assets	26	25	18	18	18	17	3	12
	8,386	8,156	8,028	8,433	8,826	8,844	3,383	2,898
Inventories	774	521	454	395	319	293	98	106
Trade receivables	1,403	1,437	1,323	1,375	1,376	1,347	647	523
Cash and cash equivalents	99	66	38	24	56	57	113	53
Other bank balances	12	6	9	2	3	5	6	129
Current investments	0	0	0	0	0	0	0	0
Loans given	261	257	173	178	191	184	183	183
Other financial assets	348	723	1,027	1,382	1,696	1,899	650	536
Tax paid in advance	59	64	16	12	49	13	15	15
Other assets	5,429	5,082	4,988	5,065	5,136	5,047	1,671	1,354
Net debt	3,240	3,495	4,041	5,328	5,925	7,118	2,056	1,460

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 3 Jun	Mar 2024Filed 3 Aug	Mar 2025Filed 2 Jul	Mar 2026Filed 28 May
	−483	−447	−432	−83	208	74
	−528	−449	−447	−119	214	84
	−562	−528	−557	−194	173	3
Receivables	113	−42	−3	21	155	48
Inventories	192	59	76	27	−18	−10
Payables	−154	1	−21	−111	−52	−83
Other working capital	−712	−546	−608	−131	87	48
Tax paid	45	2	16	36	−6	−9
Capital spending	0	3	4	10	31	57
Free cash flow	−483	−450	−436	−93	177	17
	79	22	205	2	−24	−157
Plant and property sold	46	17	25	0	0	2
Interest received	15	9	36	7	7	23
	385	404	259	83	−127	19
Borrowings raised	697	742	623	122	−124	−242
Borrowings repaid	−30	0	0	0	0	−14
Interest paid	−281	−337	−364	−38	−3	−7
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	282
Net change in cash	−19	−20	33	3	57	−64

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Simplex Infrastructures dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 8 Aug	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 3 Jun	Mar 2024Filed 3 Aug	Mar 2025Filed 2 Jul	Mar 2026Filed 28 May
Earnings per share	₹27.65	₹22.81	₹21.97	−₹56.14	−₹82.13	−₹92.42	–	−₹12.65	₹2.02	₹5.20
Diluted earnings per share	₹27.65	₹22.81	₹21.97	−₹56.14	−₹82.13	−₹92.42	–	−₹12.65	₹2.02	₹5.20
Dividend per share	₹0.50	₹0.50	₹0.50	–	–	–	–	–	–	–
Book value per share	–	–	₹356.74	₹308.05	₹220.89	₹130.67	₹52.63	₹40.45	₹77.92	₹123.01
Dividend payout	1.8%	2.2%	2.3%	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	−25.4%
Market cap at the year end (₹ crore)	1,524	2,626	1,017	104	174	273	193	586	1,840	1,110

Earnings per share is left blank for the year to Mar 2023: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Consolidated, years to March.Simplex Infrastructures PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 8 Aug	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 3 Jun	Mar 2024Filed 3 Aug	Mar 2025Filed 2 Jul	Mar 2026Filed 28 May
Revenue growth	−4.9%	2.8%	6.1%	−34.2%	−45.4%	−7.0%	−8.4%	−25.9%	−22.5%	−5.1%
Operating profit growth	22.7%	−5.7%	6.0%	−85.2%	−85.2%	162.1%	−52.1%	44.8%	−19.5%	143.3%
Net profit growth	96.2%	−15.9%	8.1%	–	–	–	–	–	–	235.3%
Earnings per share growth	–	−17.5%	−3.7%	–	–	–	–	–	–	157.4%
	–	–	6.0%	−16.8%	−30.9%	−52.4%	−89.7%	−27.1%	3.1%	5.3%
	–	–	–	−22.8 pts	−14.1 pts	−21.4 pts	−37.3 pts	62.5 pts	30.2 pts	2.3 pts
From the net margin	–	–	–	−29.8 pts	−28.2 pts	−6.5 pts	1.4 pts	71.1 pts	32.7 pts	8.1 pts
From asset turnover	–	–	–	7.9 pts	20.1 pts	3.6 pts	6.8 pts	5.2 pts	0.5 pts	7.9 pts
From borrowing	–	–	–	−0.9 pts	−6.0 pts	−18.6 pts	−45.4 pts	−13.7 pts	−3.1 pts	−13.7 pts
Return on capital employed	–	–	10.0%	−0.6%	−2.0%	−1.0%	−1.1%	−0.6%	−1.2%	1.0%
Cash conversion	–	–	–	–	–	–	–	–	1,723.6%	183.9%
Interest cover	1.1	1.0	1.1	–	–	–	–	–	–	2.0
Debt to equity	–	–	1.64	2.02	3.23	7.13	19.81	30.77	4.14	1.68
Receivable days	–	–	84	130	219	245	268	354	220	187
Inventory days	–	–	134	148	204	297	270	524	301	355
Payable days	–	–	376	498	717	1,204	1,338	2,612	2,372	1,921
Cash conversion cycle, days	–	–	−159	−220	−294	−662	−801	−1,734	−1,852	−1,379
Working capital days	–	–	247	375	674	839	928	1,549	596	569
Asset turnover	–	–	0.64	0.43	0.24	0.21	0.19	0.13	0.15	0.25
Assets per rupee of net worth	–	–	4.69	4.96	6.14	9.52	19.28	39.02	19.52	5.48
Sales per rupee of plant	–	–	5.99	4.52	2.95	3.26	3.53	3.00	4.49	4.06
Capital spending to depreciation	–	–	–	–	0.00	0.03	0.05	0.15	0.56	1.96
Plant being built, % of plant in use	–	–	0.8%	1.0%	0.4%	0.4%	0.5%	0.6%	0.0%	0.0%

Interest cover is left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.0%
Cash from operations against operating profit: 134.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−16.1%	−14.2%	−18.3%
Profit growth, yearly rate	−5.2%	–	–
Return on equity, average	–	−32.2%	−6.2%
Return on capital employed, average	–	−0.6%	−0.3%
Operating margin, average	5.2%	2.5%	3.2%
Net margin, average	−7.4%	−10.2%	0.0%
Asset turnover, average	–	0.19	0.18
Cash conversion cycle, days, average	–	−1,285	−1,655
Debt to equity, average	–	12.71	12.20

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−679	200	74
Cash from investing	49	−178	−157
Cash from financing	638	−25	19
Capital spending	106	98	57
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	282	282	282
Borrowings repaid	14	14	14

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	2	4	4	3	6	7
Altman Z-scorePublished threshold 1.81	–	–	1.40	0.83	0.43	0.25	0.10	0.05	1.14	1.40
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.78	−2.46	−2.43	−2.46	−2.95	−2.48
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−0.70	−1.07	−2.42	0.08	−2.34	2.99
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	36.57	37.42	10.95	8.46	23.80	−29.42	−14.17
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	6.50	23.81	27.25	−8.15	44.55	−24.90	16.58
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.82	7.35	20.91	22.51	5.63	−429.76	−42.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.13	–	–	–	3.54	–	0.00
Effective tax ratePublished threshold 17.16 per cent	12.40	22.70	33.40	–	–	–	–	–	47.89	23.34
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	–	16.05	4.65

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
14 Nov 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	75.40
14 Nov 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE D / CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	7,900
14 Nov 2025	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	40
14 Nov 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	2,600
24 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Bank Facilities	IVR D/INCReview, Re-affirm	2,600
24 Sep 2025	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Bank Facilities	IVR D/INCReview, Re-affirm	75

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.